6 FinTech Winners Revealed

Large banks threw their support behind six budding financial technology companies, helping them integrate their tools and maximize value.

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New York City is the center of Financial Technology. At least, that’s what the third annual FinTech Innovation Lab is trying to prove.

On Thursday, after months of development and mentoring by big financial institutions, six winners of the competitive program were given the chance to present their financial technology products.

From security, consumer engagement, data analytics and storage, each business showed the potential to shake up the way financial services do business.

Here’s the scoop.

1. Centripetal Networks – Cyber Security with Agility

Centripetal Networks created an advanced cyber security solution, including a network-based security appliance and other services.

The Problem: Cyber threats are getting worse and worse according to CEO Steven Rogers (pictured at right). It is estimated more than 400 million malwares have been identified, and about 90% of all hacks were used with one-time-only malware. It seems hopeless to keep up.

The Solution: Centripital’s fast filtering algorithms enable over 100 trillion effective decision rate (EDR) per second (>1000x improvement) to combat cyber attacks. “It’s the first cyber product where ability to the protect scales larger than the ability to attack.”

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

I completely agree with you. While all the presenters showed the potential to change the finance game, this one seemed the most directly impacting to my life, my wallet, and a budding online shopping addiction.

Certainly the security and confidence is important. But most notably, this actually solves a problem (inconvenience of filling out forms) that mobile wallets as they are today simply don't. I think all mobile wallet companies should be taking note of this approach.

So the Port Authority bus terminal can tout modern technology when it comes to revenue collection but when it comes to operational efficiency, technological innovations take the back seat? Why am I not surprised?

I believe merchants not wanting to invest in the technology will be the biggest hurdle of all the ones you mentioned. You simply just can't walk into most stores and wave your Google Wallet or Isis and pay yet. In fact, the only place I've seen that specifically advertises that it accepts Google Wallet is, strangely, the Port Authority bus terminal here in NY.

I agree. I'd love to have a great mobile wallet that could be used at most places. There are multiple limitations to mobile wallets. Security, fragmentation, and merchants who don't want to invest in the technology. I think it will be few more years, at least, before mobile wallets start to gain any traction.

For me, Dashlane is the most intriguing on this list. I would consider using a mobile wallet if the security features are as strong as they appear to be with Dashlane, and I would love the autofill feature simply because I hate filling out multiple forms. The more convenient and the more secure it is, the more likely it is that users will feel more confident in using these newer technologies within the banking and capital market spaces.